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Business Segments
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Business Segments

Note 10 – Business Segments

The Company has three reportable business segments: commercial banking, mortgage banking, and holding company activities. The commercial banking business segment makes loans to and generates deposits from individuals and businesses, while offering a wide array of general banking activities to its customers. It is distinct from the Company's mortgage banking division, which concentrates on individual and wholesale mortgage lending and sales activities. Activities at the holding company (or parent level) are primarily associated with investments, borrowings, and certain noninterest expenses.

The following tables present statement of operations items and assets by segment as of the dates and for the periods stated.

 

 

As of and for the three months ended March 31, 2024

 

(Dollars in thousands)

 

Commercial Banking

 

 

Mortgage Banking

 

 

Parent Only

 

 

Eliminations

 

 

Blue Ridge
Bankshares,
Inc.
Consolidated

 

NET INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

42,199

 

 

$

332

 

 

$

—

 

 

$

—

 

 

$

42,531

 

Interest expense

 

 

21,476

 

 

 

146

 

 

 

560

 

 

 

—

 

 

 

22,182

 

   Net interest income

 

 

20,723

 

 

 

186

 

 

 

(560

)

 

 

—

 

 

 

20,349

 

Recovery of credit losses

 

 

(1,000

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,000

)

   Net interest income after provision for credit losses

 

 

21,723

 

 

 

186

 

 

 

(560

)

 

 

—

 

 

 

21,349

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage banking income

 

 

—

 

 

 

2,664

 

 

 

—

 

 

 

—

 

 

 

2,664

 

Mortgage servicing rights

 

 

—

 

 

 

729

 

 

 

—

 

 

 

—

 

 

 

729

 

Gain on sale of guaranteed government loans

 

 

110

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

110

 

Other income

 

 

4,411

 

 

 

—

 

 

 

10

 

 

 

(99

)

 

 

4,322

 

   Total noninterest income

 

 

4,521

 

 

 

3,393

 

 

 

10

 

 

 

(99

)

 

 

7,825

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

14,168

 

 

 

1,844

 

 

 

33

 

 

 

—

 

 

 

16,045

 

Regulatory remediation

 

 

2,644

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,644

 

Other expenses

 

 

12,403

 

 

 

1,212

 

 

 

269

 

 

 

(99

)

 

 

13,785

 

   Total noninterest expense

 

 

29,215

 

 

 

3,056

 

 

 

302

 

 

 

(99

)

 

 

32,474

 

(Loss) income before income tax expense

 

 

(2,971

)

 

 

523

 

 

 

(852

)

 

 

—

 

 

 

(3,300

)

Income tax (benefit) expense

 

 

(321

)

 

 

86

 

 

 

(172

)

 

 

—

 

 

 

(407

)

Net (loss) income

 

$

(2,650

)

 

$

437

 

 

$

(680

)

 

$

—

 

 

$

(2,893

)

Total assets as of March 31, 2024

 

$

3,024,935

 

 

$

36,343

 

 

$

228,544

 

 

$

(213,635

)

 

$

3,076,187

 

 

 

 

As of and for the three months ended March 31, 2023

 

(Dollars in thousands)

 

Commercial Banking

 

 

Mortgage Banking

 

 

Parent Only

 

 

Eliminations

 

 

Blue Ridge
Bankshares,
Inc.
Consolidated

 

NET INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

40,579

 

 

$

305

 

 

$

6

 

 

$

—

 

 

$

40,890

 

Interest expense

 

 

15,002

 

 

 

139

 

 

 

553

 

 

 

—

 

 

 

15,694

 

   Net interest income

 

 

25,577

 

 

 

166

 

 

 

(547

)

 

 

—

 

 

 

25,196

 

Recovery of credit losses

 

 

(1,510

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,510

)

   Net interest income after provision for credit losses

 

 

27,087

 

 

 

166

 

 

 

(547

)

 

 

—

 

 

 

26,706

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage banking income

 

 

—

 

 

 

3,199

 

 

 

—

 

 

 

—

 

 

 

3,199

 

Mortgage servicing rights

 

 

—

 

 

 

(1,896

)

 

 

—

 

 

 

—

 

 

 

(1,896

)

Gain on sale of guaranteed government loans

 

 

2,409

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,409

 

Other income

 

 

3,713

 

 

 

—

 

 

 

(43

)

 

 

(99

)

 

 

3,571

 

   Total noninterest income

 

 

6,122

 

 

 

1,303

 

 

 

(43

)

 

 

(99

)

 

 

7,283

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

12,628

 

 

 

2,661

 

 

 

—

 

 

 

—

 

 

 

15,289

 

Regulatory remediation

 

 

1,134

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,134

 

Other expenses

 

 

10,076

 

 

 

1,485

 

 

 

962

 

 

 

(99

)

 

 

12,424

 

   Total noninterest expense

 

 

23,838

 

 

 

4,146

 

 

 

962

 

 

 

(99

)

 

 

28,847

 

Income (loss) before income tax expense

 

 

9,371

 

 

 

(2,677

)

 

 

(1,552

)

 

 

—

 

 

 

5,142

 

Income tax expense (benefit)

 

 

2,081

 

 

 

(583

)

 

 

(326

)

 

 

—

 

 

 

1,172

 

Net income (loss)

 

$

7,290

 

 

$

(2,094

)

 

$

(1,226

)

 

$

—

 

 

$

3,970

 

Total assets as of March 31, 2023

 

$

3,259,602

 

 

$

34,083

 

 

$

288,598

 

 

$

(258,223

)

 

$

3,324,060